The real estate developer agreed to buy 14 operating assets spanning hospitality, retail, residential and educational infrastructure. The acquisition will also include land and projects under development on Saadiyat Island, where the recently opened Louvre Abu Dhabi museum is located, Aldar said.

“We believe this landmark acquisition will further advance Abu Dhabi’s real estate sector and accelerate the development of Saadiyat Island, taking it to the next level.”

Oil-rich Abu Dhabi has seen some of its largest firms merge in the last two years as part of a strategic review in response to a slump in oil prices since 2014.

Two of the UAE’s biggest banks, National Bank of Abu Dhabi and First Gulf Bank, were merged to create First Abu Dhabi Bank FAB.AD.

International Petroleum Investment Company (IPIC) was merged with Mubadala. Earlier this year, Abu Dhabi Investment Council was taken over by Mubadala Investment Company [MUDEV.UL].

Aldar’s principal shareholders are state-owned Mubadala and other Abu Dhabi entities. TDIC is wholly owned by the government of Abu Dhabi.

The new assets will deliver an incremental net operating income of approximately 120 million dirhams per year to Aldar’s Asset Management portfolio, Aldar said in a statement.

The gross development value of the projects under development on Saadiyat Island is 2.5 billion dirhams. The assets being acquired include Eastern Mangroves complex, Saadiyat Island district cooling assets, Cranleigh School Abu Dhabi, Westin Golf & Spa and other community retail and leisure assets.